Proptech is unlikely to become a disruptor in Southeast Asia any time soon but could become an enabler alongside growing developments in the real estate markets of Southeast Asia when they are maturing. While the proptech industry has emerged over the last couple of years in Western markets due to technology, the next wave of real estate management transformation is more likely to happen in Asia. PropTech, leveraging technology into real estate The property industry is expanding like crazy across Southeast Asia, with investors finding new price targets for investment.
PropertyGuru is an online property marketplace which has expanded to encompass a diverse array of technologies, AI, FinTech, and business software products and services for all players in the South East Asian property sector. The Company and its group companies enable real estate seekers with over 3.3 million real estate listings, insightful insights and solutions to empower them to make sure real estate decisions throughout Singapore, iProperty Malaysia, Thailand, Indonesia, and Vietnam. The Company is the Southeast Asian top2 property technology company and is the go-to destination for over 38 million real estate searchers looking for their dream homes each month.
Global investment firms TPG and KKR invested an additional 300m USD (approximately USD 220m) as majority shareholders in Southeast Asian Property Technology (PropTech) firm PropertyGuru Group. Existing investors at Homebase include Ma, Steckenrider, VinaCapital Ventures, and Darius Cheung, the founder and CEO of 99. co, one of Singapore and Indonesia’s largest real estate portals.
OutReach, on September 22, 2020 Uptime, announced its official launch in the Philippines, its third location after Singapore and Malaysia. The PropTech firm will service Filipino real estate transactions through its comprehensive real estate services. Thailand, which has 66.2 million people as of 2021, is the second-largest economy in South-East Asia and is experiencing a wave of digital disruption spreading throughout the real estate value chain across the Philippines, disrupting buyer’s and sellers’ engagement other.
South-East Asia is projected to be the 4th largest economy in the World by 2030. With Singapore leading the way and having the most developed PropTech market, the rest of the regions are not too far behind in growth and expansion, thanks to the strong demand. In terms of supply, short-term rentals offered are likely to increase, especially in Southeast Asian tourism-focused cities, as PropTech startups provide a new and convenient hospitality experience.
According to Anthony Couse, the Head of Real Estate & Investment Management for Asia-Pacific at real estate investment management company Jones Lane LaSalle (JLL), proptech refers to leveraging technology to build or refurbish services offered in the real estate industry for buying, selling, renting, developing, marketing, and managing properties more efficiently and effectively.
